MONTREAL – Canadian National has no plans to back off from its proposed acquisition of Kansas City Southern and remains confident that it can obtain the necessary regulatory approvals to create the first railroad linking Canada, the U.S., and Mexico, CEO JJ Ruest said today. Ruest’s comments came a day after CN’s fifth-largest shareholder, TCI […]
MONTREAL — Canadian National today filed its Kansas City Southern merger agreement with federal regulators, and asked the Surface Transportation Board to adopt an expedited schedule for reviewing its request to put KCS into a voting trust. In what CN termed a procedural move, the STB on Monday denied CN’s request to place KCS into […]
MONTREAL – One of Canadian National’s largest investors has urged the railway to abandon its pursuit of Kansas City Southern, saying it would be reckless in light of regulatory uncertainty surrounding the merger. The U.S. Surface Transportation Board yesterday denied, on procedural grounds, CN’s request to put KCS into a voting trust while the merger […]
Welcome to Cody’s Trackside Finds, a new series on Trains.com, where we’ll look at interesting locomotives, freight cars, structures, or details that I’ve come across while railfanning. In these entries, I’ll provide some background information on the subject, give you some modeling tips, and most importantly, encourage comments from the Trains.com community. Do you have […]
WASHINGTON – Federal regulators have dealt a blow to Canadian National’s proposed acquisition of Kansas City Southern. The Surface Transportation Board today denied CN’s request to place KCS into a voting trust while the merger is under review. The board said CN’s application was incomplete, however, because CN has not yet filed its merger application. And […]
WASHINGTON — The U.S. Justice Department is opposed to allowing Canadian National to place Kansas City Southern in a voting trust as part of the process for the proposed merger of the two railroads, saying the deal “raises sufficient competition concerns on first blush” to prohibit the procedure. Canadian Pacific, which has had its earlier […]
If Canadian Pacific does not top Canadian National’s $33.6 billion offer for Kansas City Southern in the next five days, a CN-KCS merger would proceed toward the approval process. First, KCS shareholders must approve the deal announced yesterday, which would give them $200 per share in cash, along with 1.129 shares of CN common stock, […]
MONTREAL — The battle for Kansas City Southern appears to be over. KCS on Thursday accepted Canadian National’s $33.6 billion bid to create the first railroad linking Canada, the U.S., and Mexico. KCS said it would break the $29 billion merger agreement it reached in March with Canadian Pacific in favor of CN’s “superior offer.” […]
MONTREAL — Canadian National is expected to sweeten its offer to acquire Kansas City Southern, the Wall Street Journal reported today. CN would, at a minimum, pick up the tab for the $700 million breakup fee that KCS would owe Canadian Pacific for backing out of their friendly $29 billion deal, the newspaper said, citing […]
CHICAGO — Canadian National has announced it intends to beef up what is currently a meandering, unsignaled 40-mph ex-Gulf, Mobile & Ohio branch to connect with Kansas City Southern’s main line to the Gulf Coast. And if Canadian Pacific gets KCS, it expects to direct Mexican supply chain business to and from Western Canada through […]
WASHINGTON — The Chicago suburb of Barrington, Ill. — which battled Canadian National’s acquisition of the Elgin, Joliet & Eastern in 2009 and has protested increased rail traffic ever since — has warned federal regulators that CN’s proposed merger with Kansas City Southern would create “a traffic congestion nightmare for the people of the greater […]
British intercity rail disruptions could last for weeks after high speed trains are sidelined Disruptions to British intercity rail service are continuing for a third day and could last for week after Hitachi high speed trainsets were removed from service over cracks were found in the suspension of some trains. The Guardian reports Great Western […]
